https://www.taxtmi.com/caselaws?id=90333 Excise valuation under Section 4 requires evidence of real identity of interest or non-arm's-length dealing before a buyer can be treated as a related person. Mere family connection between the manufacturer's directors and the buyer firm's partners was insufficient, and the buyer's resale price could not be adopted as the assessable value. On limitation and penalty, filing price lists and the absence of suppression or wilful misstatement negated any basis for the extended period or penal action. The valuation adopted by the department and the penalty demand were held unsustainable. en-us Mon, 15 Jan 1996 00:00:00 +0530 Wed, 05 Oct 2011 17:04:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=90333 Excise valuation under Section 4 requires evidence of real identity of interest or non-arm's-length dealing before a buyer can be treated as a related person. Mere family connection between the manufacturer's directors and the buyer firm's partners was insufficient, and the buyer's resale price could not be adopted as the assessable value. On limitation and penalty, filing price lists and the absence of suppression or wilful misstatement negated any basis for the extended period or penal action. The valuation adopted by the department and the penalty demand were held unsustainable. Case-Laws Central Excise Mon, 15 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=90333